It’s time to ditch your old, manual payroll system and upgrade to something new. This is a huge change for your business and a huge milestone in pushing forward and adapting to new technology.
However, setting up an automated payroll for the first time is daunting, especially if you have no previous experience in this realm. If you’re stressed about setting things up correctly, always refer to an expert. It will save you valuable time and money to have an expert introduce you to the software at first. Until then, rely on these tips to help you set up your payroll for the first time.
Pick a payroll software
When it comes to deciding on the right payroll software for your business, there are many options to choose from, which can be overwhelming.
When searching for the right software, get in touch with a handful of software companies for a free demo after reading online reviews and asking around to see what other business owners recommend.
Be sure to come with a set of prepared questions and look for specific ways about how the software can save you time and make your business more profitable. For example, if you’re a small business owner, ask yourself if you need to hire a whole accounting team if the payroll software takes care of most of your needs.
Gather relevant team info
In order to have a streamlined system, be sure to gather all relevant employee and freelancer information ahead of time. It helps to have a streamlined system of gathering this information during the onboarding process instead of waiting until the last minute.
While gathering the information, you’ll need important details like social security numbers, addresses, W4 forms and compensation plans. Keep your employees safe by making sure all of this information is stored in a safe space away from hackers.
Create a tax filing plan
Make a plan to file your taxes on time and stick to it. If you’re unable to streamline the tax filing process and are late to file, you’ll risk a 10% fine for the Fail to Deposit penalty.
When working with Payroll Office of America, you’ll gain access to automotive tax filing, allowing you to never worry about the hassle of tax filing. You’ll free up your week by not having to converse with the IRS ever again. Plus, your employees will thank you when relevant tax documents come on time.
To learn more about Payroll Office of America, visit our website or call 904-596-2847.